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There are now several reports of this whole thing on the net from CA newspapers, AP, Reuters, ESPN et al.
Some detail more closely Michaels history with the home, purchased for 757,000. Took out a mortgage of 600,000, then another of 150,000, then a third of 60,000 (i.e. now the total of all liens exceeds original purchase price).
This makes surprising to me one thing: No-one is mentioning the tax deliquency. With a 600K lien on 757K purchased he is below the 80% lien threshold, so he would not need an escrow account. However, when he boosted the line to >95% of purchased value with the 150K loan he should have been required to run an escrow account. The only way to overcome such would be to re-value the house and hope that inflation was keeping the new sum of liens below 80% of the upwardly revised value of the property. Same thing when he took out the last 60K loan.
Regardless he is posted on the San Diego Tax Collector site as owing all taxes from the date of purchase through the present day, with penalties for non-payment. That indicates no escrow was established at any time.

Guess Michaels was going to bank on rolling this property back onto the market - perhaps with a "Bush Slept Here" plaque. :tongue2:
That way he could recoup all his liens, the back-taxes and still come out with a wad of cash in pocket.

There are now several reports of this whole thing on the net from CA newspapers, AP, Reuters, ESPN et al.
Some detail more closely Michaels history with the home, purchased for 757,000. Took out a mortgage of 600,000, then another of 150,000, then a third of 60,000 (i.e. now the total of all liens exceeds original purchase price).
This makes surprising to me one thing: No-one is mentioning the tax deliquency. With a 600K lien on 757K purchased he is below the 80% lien threshold, so he would not need an escrow account. However, when he boosted the line to >95% of purchased value with the 150K loan he should have been required to run an escrow account. The only way to overcome such would be to re-value the house and hope that inflation was keeping the new sum of liens below 80% of the upwardly revised value of the property. Same thing when he took out the last 60K loan.
Regardless he is posted on the San Diego Tax Collector site as owing all taxes from the date of purchase through the present day, with penalties for non-payment. That indicates no escrow was established at any time.

Guess Michaels was going to bank on rolling this property back onto the market - perhaps with a "Bush Slept Here" plaque. :tongue2:
That way he could recoup all his liens, the back-taxes and still come out with a wad of cash in pocket.

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Good God...and I have issues just lining things up with a my checkbook. All that zipped right over my head...

Wow. Circle the wagons SC fans ... a media shit-storm is brewing. It's no F'in fun defending your program from people that don't know the truth, misrepresent the truth or could care less about the truth because it allows them to attack you.

Whatever happens I hope Buckeye fans don't become the same type of rival fans we loathed. I'm sure a few SC fans deserve their "just desert" but the majority don't. In any case, gloating over someone else's misfortunes doesn't eliminate or ease the hardship we were forced to endure. So act like you've been here before ... because you have. It sucked for a long time and I wouldn't wish that craptacular experience on anyone.

I have no reason to believe this will happen... far too early in the process to draw conclusions. However, for some of you more experienced fans... what happens if USC has to forfeit the entire season? Do their opponents get an extra W (minus texas)?

Yes, but Reggie has already lawyered up. His mouthpiece is putting some distance between Reggie and his parent's decisions.

And what an interview...there are a few questions he forgot to ask:

"Reggie, how much rent did your parents pay"
"Ah, if they paid full rent where did they receive the money to do so?"
"Reggie, can you explain the cars parked in your parent's driveway that are close to $100K in value? Did they pay for those also?"

I have no reason to believe this will happen... far too early in the process to draw conclusions. However, for some of you more experienced fans... what happens if USC has to forfeit the entire season? Do their opponents get an extra W (minus texas)?

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What will happen is that the schools, conferences, the NCAA, and Stassen will have variances on the teams' won-loss records. And that will provide message board disagreements for decades. :tongue2:

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